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movements on the markets
Mumbai: On 8 September, the Bombay Stock
Exchange index of 30 shares closed at 4782 points showing
a gain of 8 points over the previous close on 7 September
1999. The National Stock Exchange index of 50 shares closed
at 1399, up 16 points.
The volumes
were good on both the exchanges. The BSE recorded a Rs.1,903
crore turnover against Rs.2,407 crore on the NSE.
Ranbaxy
was in the limelight with the announcement of its tie-up
with Bayer AG. The scrip had volumes of Rs.340 crore and
Rs.278 crore on the BSE and NSE respectively.
Bhoruka
Gas spurted on the BSE and closed at Rs 20.9. In January
1999, the share was quoted at Rs.4.5 and Rs.9.3 in April
1999. Airgas, which holds 25 per cent in Bhoruka, is rumoured
to be keen on picking up a large stake in the company.
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Has
internet trading already started?
Mumbai: Sykes and Ray Associates, a Mumbai-based
brokerage firm, has started trading in stocks over the
internet on an offline mode. All that the investors have
to do, is to log on to the web site at www.sykesandray.com and type out their orders, after
punching in their usernames and passwords.
The
brokerage receives a written instruction that gets executed
at Sykes’ Mumbai office.
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Sebi
proposal on smaller SEs faces opposition
Mumbai: According to a report published
in the Business Standard, the Inter-connected Stock
Exchange of India, or ISE, wants the Securities and
Exchange Board of India to clarify why the exchange
was set up.
This is
in reaction to the Sebi move to allow smaller stock exchanges
to float subsidiaries and get them listed on the bigger
stock exchanges. The ISE was set up as an alliance of
15 regional stock exchanges, to act as an alternative
to the larger exchanges. Trading commenced on the ISE
in the beginning of 1999.
Incidentally,
the Ludhiana Stock Exchange has become the first stock
exchange to seek membership in another stock exchange,
when it announced its intentions to float a subsidiary,
which in turn will be listed on the Calcutta Stock Exchange.
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Sebi sets target of two months for transfer
of UTI schemes
Mumbai: The Securities and Exchange Board
of India has set a target of two months for bringing all
the schemes of the Unit Trust of India under its purview.
After a meeting between Sebi and UTI, details of the transfer
have been worked out on a scheme-wise basis.
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BSE
suspends 21 scrips
Mumbai: Owing to failure to notify the
exchange about book closure and record date details, 21
companies will be suspended from further trading on the
Bombay Stock Exchange.
The
companies are: D S Kulkarni Developers, Dynamic Portfolio
Management and Services, Electrotherm (India), Empee Sugars
and Chemicals, Empire Infrastructure and Developers, Gujarat
Propack, Hanil Era, Harsh Polymers, Hasti Finance, Hindustan
Photofilms, Raj Prakash Chemicals, Ramsons Projects, Royal
Cushion Vinly Products, SOL Pharma, Sterling Securities,
Sunday Exports, Swan Mills, Umred Agro Complex, Vamotiwala
Chemicals and Vedant Hotels.
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Computershare withdraws bid on Sydney Futures Exchange
Sydney: Australian trading systems provider
Computershare has withdrawn its bid for a 50 per cent
stake in the Sydney Futures Exchange.
The
decision follows a stand taken by a group of 12 floor
members, which said that it would oppose the Compushare
move. The deal was valued at $168 million.
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